Morpho, the Ethereum lending protocol with $6.6 billion TVL, just closed a $175 million round led by Paradigm, a16z crypto and Ribbit Capital at a valuation up to $2 billion. The round included Apollo, Circle Ventures and VanEck, signaling traditional finance is ready to plug into decentralized credit markets.

Yield Report

• Morpho: New capital targets deeper liquidity pools that could tighten spreads for institutional borrowers seeking on-chain yields above...